Starting a business can be an exciting time for entrepreneurs, but it can also be a daunting task. There are many legal and regulatory issues to consider when starting a business, and navigating these complexities can be challenging for anyone who is not familiar with the legal landscape. Even though costs are tight, hiring a business lawyer is essential as a start-up in Australia. So what are the benefits of hiring a business lawyer?
Legal expertise
One of the primary benefits of hiring a business lawyer is their legal expertise. A business lawyer can provide you with valuable legal advice on a range of issues, including business structures, intellectual property, contracts, and employment law. They can help you identify potential legal risks and develop strategies to mitigate them, ensuring that your business operates in compliance with Australian laws and regulations.
Contract drafting and review
A business lawyer can help you draft and review contracts, such as client agreements, service agreements, lease agreements, employment contracts, and supplier contracts. They can ensure that these contracts are legally sound and protect your interests, and can also negotiate contract terms on your behalf to ensure that you are getting the best deal possible.
Intellectual property protection
Intellectual property (IP) is a valuable asset for any business, and protecting it is crucial to the success of your start-up. A business lawyer can help you identify and protect your IP, including trademarks, patents, designs and copyrights. They can also assist with licensing agreements and alert you to potential infringements.
Regulatory compliance
Regulatory compliance is a critical issue for any start-up, as failure to comply with laws and regulations can result in significant legal and financial penalties. A business lawyer can help you navigate the regulatory landscape and ensure that your business is operating in compliance with relevant laws and regulations, such as tax and employment laws.
Business structuring
Choosing the right business structure is essential to the success of your start-up, as it can affect your tax liability, legal liability, and ability to raise capital. A business lawyer can help you determine the best structure for your business, whether it be a sole trader, partnership, company or trust.
Dispute resolution
Disputes can arise in any business, and it is essential to have a plan in place to resolve them quickly and effectively. A business lawyer can help you develop a dispute resolution strategy and help prevent disputes with suppliers, customers, and other stakeholders.
Future growth and expansion
A business lawyer can help you plan for future growth and expansion, ensuring that your business is structured in a way that allows for scalability. They can assist with mergers and acquisitions, joint ventures, and other business transactions, providing valuable legal advice throughout the process.
Despite the benefits, some entrepreneurs do insist on drafting their own legal contracts. So, maybe you’re trying to save money or you think it’ll be a fun challenge. While it’s true that there are plenty of things you can do yourself, legal contracts are not one of them. Here are a few reasons why you should leave the drafting of contracts to a lawyer:
Legalese is not your second language
Have you ever tried to read a legal contract? It’s like a different language. Lawyers use specific terminology and phrasing to make sure the contract is clear and enforceable. If you don’t have a legal background, you might not even understand what you’re reading. A lawyer knows how to use legal jargon to make sure that the contract is comprehensive and legally binding.
You might forget something important
Legal contracts can be incredibly complex, and it’s easy to forget something important. For example, if you’re drafting a contract for a business partnership, you might forget to include clauses for what happens if one partner wants to leave or if the business dissolves. These oversights can be costly and time-consuming to fix later on. A lawyer will have the expertise to anticipate potential issues and include clauses to address them.
You might accidentally leave something out
Even if you do your research and try to cover all your bases, you might accidentally leave something out. For example, if you’re drafting a contract for a business purchase, you might forget to include a clause about who is responsible for legal costs. These omissions can cause confusion and conflict down the line. A lawyer will know what to include and can ensure that all the necessary elements are present in the contract.
You might include something illegal
If you’re not a lawyer, you might not be aware of certain laws and regulations that govern contracts. For example, the Australian Consumer Law prohibits certain types of unfair contract terms.
But maybe you don’t want to engage a lawyer because you are picturing a stuffy, intimidating person in a suit, who only cares about billable hours and legal jargon. But the truth is, business lawyers can be some of the most approachable and helpful people you’ll ever meet. Here are a few reasons why:
They’re used to working with people
Business lawyers spend a lot of their time working with clients, whether it’s in meetings, on the phone, or through email. As a result, they’re usually pretty good at communicating with people in a clear and effective way. They’re also used to dealing with clients who are stressed out or overwhelmed, so they know how to be patient and understanding.
They want to help you
Contrary to popular belief, business lawyers aren’t just in it for the money. Of course, they need to make a living, but most of them genuinely want to help their clients succeed. They know that a successful business is good for everyone involved, including themselves. So they’re usually more than happy to answer questions, give advice, or offer suggestions, even if it’s not strictly legal advice.
They’re human, too!!
Business lawyers might have a reputation for being all business, but they’re human, too. They have families, hobbies, and interests outside of work, just like everyone else. They’re also not immune to having a laugh. If you take the time to get to know your business lawyer, you might be surprised at how relatable and down-to-earth they can be.
They’re problem solvers
One of the main things business lawyers do is help their clients solve problems. Whether it’s negotiating a contract, dealing with a lawsuit, or navigating a complex legal issue, they’re experts at finding creative solutions to difficult problems.
So, you’ve decided to engage a business lawyer! But why a Mum business lawyer??
They have strong communication skills
Mums need to be able to communicate effectively with their children, and lawyers need to be able to communicate effectively with their clients and other parties involved in a legal matter. This means that Mums who are also lawyers tend to have strong communication skills that allow them to convey complex legal concepts in a way that is easy for their clients to understand.
They’re empathetic
Mothers are often very empathetic, and this quality can also make them great lawyers. When dealing with clients, it’s important to be able to put yourself in their shoes and understand their concerns and needs. Mums who are lawyers are often able to do this naturally, which allows them to build strong relationships with their clients based on trust and understanding.
They’re highly organised
Mums need to be highly organized to manage the demands of a busy household, and lawyers need to be highly organised to manage the demands of a busy law practice. This means that mums who are lawyers tend to be super highly organised and efficient, which allows them to handle large volumes of work and meet deadlines without sacrificing quality.
They’re great problem solvers
Mothers need to be able to solve problems on a daily basis, from dealing with a fussy toddler to fixing a broken toy. Lawyers also need to be able to solve problems on a daily basis, from negotiating a settlement to litigating a case in court. Mums who are lawyers tend to be great problem solvers, which makes them well-suited for the challenges of business law.
Conclusion
Starting a business can be a challenging and complex process, but hiring a business lawyer can help you navigate the legal landscape and ensure that your start-up is set up for success. A business lawyer can provide you with valuable legal advice on a range of issues, including contract drafting and review, IP protection, regulatory compliance, business structuring, dispute resolution, and future growth and expansion.
Investing in a business lawyer at the start-up stage can help you avoid costly legal mistakes and ensure that your business operates in compliance with Australian laws and regulations. And investing in a business lawyer who is a Mum, or who has Mum-like qualities is likely to be your best option, in an industry where communication, and empathy is paramount. Ultimately, a business lawyer can be a valuable partner in the success of your start-up, providing you with the legal expertise and support you need to achieve your goals.
